Mohamed Ibrahim Tawilla, head of the East Mediterranean Gas Company (EMG), which supplies natural gas from Egypt to Israel, denied rumors that he had resigned from the company.

Tawilla confirmed that Egyptian businessman Hussein Salem sold his shares of EMG to the Thai national oil company PTT and to US businessman Sam Zell in February 2008.

Tawilla went on to say that ownership of the company is now shared by PTT, Zell and an Israeli businessman. The Israeli partner owns 25 percent of the company which is distributed between the Merhav MNF Ltd. and another Israeli company, said Tawilla.

The Egyptian General Authority for Petroleum owns 10 percent.

(Source: almasryalyoum)